Cbus turns to super warrior in media storm
The appointment of former Industry Super Australia boss Bernie Dean to the C-suite at Cbus may well provide CEO Kristian Fok with valuable advice on how to handle the political and media maelstrom surrounding the construction industry super fund’s ties to now-defunct trade union the CFMEU. But it is also a tell-tale sign the super wars are in full swing ahead of the federal election.
November 08, 2024
Australian funds improve transparency, moving up the global rankings
As the guardian of nearly $4 trillion worth of worker retirement savings, Australia’s superannuation system has drawn significant and justified domestic scrutiny. A comprehensive annual study by Professional Planner sister publication Top1000Funds.com of the world’s largest pension funds shows Australia falls behind only one other country for investment transparency.
November 08, 2024
Treasury offers few answers over secret DBFO consultations
A Parliamentary committee has been unable to get answers on who specifically is attending the latest Delivering Better Financial Outcomes consultations, which have been held under non-disclosure agreements. The lack of disclosure comes as the government is unable to offer any specific updates for when the next tranche of DBFO legislation will be ready.
November 07, 2024
War on scams rises up agenda while DBFO languishes
Legislation tabled in Parliament to fight the “war on scams” shows financial advice has further fallen behind the government’s legislative agenda, Chris Dastoor writes. While the anti-scams law has merit, its introduction comes while neither Treasury nor Minister for Financial Services Stephen Jones can give a timeframe for the next tranche of Delivering Better Financial Outcomes legislation.
November 07, 2024
CSC MySuper returns 9.1 pc in FY24
Commonwealth Superannuation Corporation has released its annual report for the 2024 financial year, posting a 9.1 per cent return for its Balanced MySuper option.
November 07, 2024
Fair Work case highlights the risks with offshoring
A recent Fair Work Commission case has shown that businesses will still be required to meet Australian employment law, even when using offshore talent. The ruling shows that it is essential for advice practices to do proper due diligence off outsourcing systems, whether it’s by using third-party providers or by trying to hire direct.
November 06, 2024
ASIC loses court case against former Dixon director
ASIC will have to cover the legal costs of former Dixon Advisory director Paul Ryan after the Federal Court ruled against the regulator’s findings that he acted in the interest of parent company Evans and Partners over Dixon creditors.
November 06, 2024
DBFO is well-intentioned, but misses the point
Although there is nothing wrong with easing the regulatory burden for professional advisers, Robert MC Brown writes the purpose of the Delivering Better Financial Outcomes legislation has largely missed the point. The original stated goal of improving accessibility and affordability of advice is unlikely to be achieved.
November 05, 2024
FAAA reveals further details on FPSB India partnership
The Financial Advice Association has revealed further details on its memorandum of understanding (MoU) with FPSB India, a subsidiary of the Financial Planning Standards Board, to promote cross-border mobility and development for aspiring and professional financial planners.
November 05, 2024
Coalition tables surprise QAR legislation: ‘Just the starting point’
The Coalition’s bill to replace Statements of Advice will give crucial red tape relief the advice community has begged the government the last few years for, bill co-author Bert van Manen tells Professional Planner. While the opposition’s legislation attempts to seize on the slow advice reform process, the government is still backing in its own wider-ranging package.
November 04, 2024
US election pivotal but experts warn against catastrophising
Just days out from the 2024 US presidential election, the two major candidates both have multiple pathways to success and in an incredibly tight race such as this, any slight shift in voter sentiment could significantly tip the scale. Leading academics dissect the political dynamics at play and explain why despite the importance of the election, we should avoid catastrophising.
November 04, 2024
